The firm is targeting $2 billion.
Animoca Brands Corp., which severely reduced its goals amid the current crypto sector meltdown, intends to raise around $1 billion this quarter for its new Web3 and Metaverse investment fund.
The company is in discussions with possible investors and will use the funds to promote entrepreneurs in the blockchain and metaverse industries.
Several Animoca portfolio firms were hit by the FTX collapse.
In addition to the general market downturn, the collapse of the FTX cryptocurrency exchange flipped the world of cryptocurrencies on its head and resulted in the bankruptcies and closures of numerous industry players, including several companies in the Animoca portfolio.
In November of last year, Animoca announced that it intended to raise $2 billion for a new fund that would be established with former Morgan Stanley CEO Homer Sun.
The company’s current goal is to build an ecosystem of complementary crypto companies to create Web3, the next free-definition Internet integration with fewer middlemen and more direct user-provider contact.